China’s XIO Group acquires Israeli Lumenis for $510 million

XIO is paying a 16% premium on the share price of the Israeli medical device company.


Lumenis Ltd. (Nasdaq:LMNS), was acquired by Chinese investment fund XIO Group for $14.00 per share in cash, for an aggregate purchase price of approximately $510 million.

Israel based Lumenis medical company focuses on surgical, ophthalmology and aesthetic applications.

“This acquisition is a strong recognition and vote of confidence in Lumenis’ achievements and its employees, and I am excited about the future prospects of Lumenis, ” said Tzipi Ozer-Armon, Chief Executive Officer. “Over the past 3 years we have managed to transform Lumenis into a strong, growing and profitable company. We have refocused our strategy, introduced new products, and tripled our EBITDA. Furthermore, we have created a very bright and promising future for Lumenis by building a robust pipeline of innovative products, a strong sales team in each region, and by enhancing our global brand recognition. I am confident that we will continue to thrive and reach new heights together with XIO Group.”

The Board of Directors of each of Lumenis and XIO Group has approved the transaction and is expected to close in September 2015.

The two largest shareholders of Lumenis, Viola Group and XT Hi-Tech Investments (1992) Ltd., which collectively own approximately 59% of the shares of Lumenis, have entered into a customary voting agreement with XIO Group.

Goldman Sachs acted as the exclusive financial advisor to Lumenis in respect of this transaction. Morgan Stanley acted as the exclusive financial advisor to XIO Group.


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